Decisions made by businesses should demand the heavy involvement of the finance and accounting function of the business. The advice of an accountant is crucial for each business’ management team.
However, an accountant’s advice is only as good as the data they have and quality data doesn’t come easily, even with the rapid emergence of technology and automation. Bookkeepers still play a crucial role in the financial system of a business and work day to day with accounting firms to ensure the flow of quality, consistent information.
First let’s look at the different players in this system and the role they play.
Financial Advisory & Management (Accountants, CPAs, CAs)
Provide financial advice to business owners so they can make informed business decisions. Their advice is based on their professional analysis of the data they are given by other members of the finance function. Accountants take care of business statements and final compliance obligations.
This group of specialists handles most of the grunt work and has their hands on the raw business data. They keep and record receipts, invoices, statements, and other important financial documents, and present the data to accountants in such a way that analysis and advice is true and beneficial.
Payables and Receivables (AR/AP) (AR/AP Specialists)
Collections Specialists keep track of aging invoices and debtors. Truth be told, not all business owners are equipped or confident enough to collect invoices, and often, it’s the business’ cash flow that suffers. Thus, businesses hire for or outsource their Accounts Receivables function so they can take the burden from their shoulders and focus on expanding customer value and staying relevant.
How can your finance function help you make better decisions?
One simple strategy is to outsource the day-to-day grunt work. De-leverage key in-house Finance and Accounting staff or business owners by handing over peripheral tasks that may otherwise take up time and energy; resources that can be focused on data analysis and financial consistency..
There are numerous benefits of outsourcing, however small to medium business owners have the most to gain from removing some of the many hats they need to wear day by day.
Businesses get access to fintech and established processes, infrastructure, and staff – all ready to go!
Fully-established, well-defined processes and workflow can take a lot of planning and work. Outsource service providers have years of experience and can take this burden away by having these processes and workflows already in place, ready to be plugged in for instant benefit. Business Process Outsourcing (BPO) companies will also have staff ready and waiting to take on the grunt work of the business so key staff can focus on providing a great customer experience.
Business owners can stop worrying about overhead costs
Don’t worry about utilities/facilities! Don’t worry about recruitment, engagement, and professional training & development! BPO companies got this covered in monthly fees often at a more cost-effective rate you than you could facilitate yourself. No need to break the bank to get people working on your business.
Outsource service providers employ the best recruitment specialists and processes so only the best talent is endorsed. Company culture is also one of the main selling points of BPOs anywhere; their engagement activities are organized and executed impeccably so (your) staff can have fun while they deliver the best results for you. Training and development are also available anytime you want something your staff to learn. BPOs have dedicated training and development programs to make training interactive and engaging whilst making sure team members’ development is made a priority.
Businesses can abandon the chase as deliverables are completed with high quality and on time
This is most especially true to bookkeeping and bookkeepers. Businesses don’t usually employ a full-time, in-house bookkeeper and instead hire an independent contractor. Businesses choose to outsource their bookkeeping function to outsource service providers. The chase is over when they outsource because everything is automated and monitored.
Another function usually outsourced, at least based on our years of experience, is collections. Customers are not fond of collecting or chasing debt themselves. When collections is outsourced to a BPO company, the team member/s working on the aging invoices treat customers as if they’re their own. Contrary to popular belief, this does not make these team members “soft” or unable to collect payments. In fact, it is because of this great customer experience and consideration that debtors usually pay on the dot right after an email or call from these team members.
Business owners can rest assured that their data is in safe hands
Stop getting anxious about security and data privacy. BPO companies observe and utilize the highest security standards through the latest and smartest of technologies. In hammerjack, we employ the best Microsoft data security protocols as part of our certification as a Microsoft Partner. Not only that, we also employ the use of workflow management tools such as Karbon so nothing falls off the cracks and password protection software Practice Protect so our team members can only access what is supposed to be accessible to them.
Help your finance function through outsourcing!
Get the most out of your in-house finance and accounting team by outsourcing their daily grunt work! Start your outsourcing offshore journey with the best team with years of experience delivering 100% quality results to hundreds of customers just like you.